DOCRF - CloudMD to acquire MindBeacon for ~$116M

CloudMD Software & Services (OTCPK:DOCRF -4.2%) to acquire all of MindBeacon’s issued and outstanding common shares for a combination of cash and shares valued at approximately $116M. Company to offer $4.78 in cash and share consideration per MindBeacon share, resulting in an implied purchase price of $116M. Each common share of MindBeacon will be exchanged for $1.22 of cash and 2.285 common shares of CloudMD. The implied offer price of $4.78 and premium of 49% is based on the 7-day volume weighted average price or VWAP of the common shares of MindBeacon as of November 12, 2021. On a consolidated basis, company is expected to have an annualized revenue run rate of $185M and gross margin of ~35%. Company is projected to have cash on hand exceeding $60M, post-close. The implied transaction enterprise value is ~$62M, representing an enterprise value to 2022 expected revenue multiple of 1.9x.

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CloudMD to acquire MindBeacon for ~$116M